Ghana and
Rwanda have announced the launch of the continent’s first License Passporting
Framework. This initiative is set to streamline cross-border
trade, enhance financial inclusion, and drive economic growth across Africa.
Supported by the NextGen Digital Public Infrastructure Framework and key
partners such as the Global Finance & Technology Network and the
Pan-African Payment & Settlement System (PAPSS), the initiative marks a
significant milestone in Africa’s journey toward regulatory harmonization and
digital transformation.
The License
Passporting Framework allows financial technology (fintech) companies licensed
in one country to operate seamlessly in another, reducing regulatory barriers
and fostering innovation.
The launch of
the License Passporting Framework is a game-changer for Africa’s financial
sector. By enabling fintech companies to expand their operations across borders
with ease, the framework will unlock new opportunities for innovation,
investment, and economic growth. It will also facilitate seamless cross-border
payments, making it easier for businesses and individuals to conduct
transactions across Africa.
“This
initiative is a groundbreaking milestone for Africa’s financial ecosystem,” said Kwame Oppong, Director of FinTech and Innovation at the Bank
of Ghana. “By reducing regulatory barriers and fostering collaboration, we
are creating a more inclusive and integrated financial system that benefits all
Africans.”
The License
Passporting Framework* is a key component of the NextGen Digital Public
Infrastructure Framework, which aims to leverage digital technologies to drive
financial inclusion and economic growth. By enabling fintech companies to
operate across borders, the initiative will expand access to financial
services, particularly for underserved and unbanked populations.
“Financial
inclusion is at the heart of this initiative,” said a representative from the National Bank of Rwanda. “By
creating a more integrated financial ecosystem, we are empowering individuals
and businesses to participate in the digital economy and unlock new
opportunities for growth.”
The success of
the *License Passporting Framework* is a result of collaboration between the
central banks of Ghana and Rwanda, as well as key partners such as the Global
Finance & Technology Network and PAPSS. These partnerships underscore the
importance of regional cooperation in addressing common challenges and driving
progress.
By: Kanto Okanta
